Heard of at least 2 different people this weekend complaining of this.
One guy with an American Express (must be paid off every month) $50,000 limit reduced to $5000. He couldn’t fill his trucks with gas for daily ops.
I predict the next major mass murder to be at a financial institution.
I know of another business that AmEx messed with by aggressively lowering their credit limit. The company was always current with their payments and their credit was good. It caused a major headache for the company and cash flow had to be restructured because the cc was being used for multiple purposes. AmEx shot themselves in the foot because now the company doesn’t use the AmEx card as much, so they’re missing out on the merchant fees from the inventory and other things the company was using the card for (which is how AmEx makes a lot of it’s money since you can’t carry a balance their $$$ doesn’t come from interest payments.)